Government announces plans to crack down on money laundering by terrorists

The government has announced reforms intended to cut down on terrorist and organised criminals abusing the UK's economy.

The Economic Crime and Corporate Transparency Bill aims to drive dirty money out of the UK and promote the UK as a place where legitimate business can thrive.

The reforms mean that anyone who registers a company in the UK will need to verify their identity.

Companies House will get new powers to check, challenge and decline incorrect and fraudulent information.

The new bill aims to prevent the abuse of limited partnerships for money laundering, by tightening registration and transparency requirements.

Home Secretary Suella Braverman said: "The UK is no home for dirty money. The government has taken unprecedented action to prevent kleptocrats and organised criminals from abusing our open economy, and this Bill will go even further.

"Through this Bill we are giving our law enforcement agencies greater powers and intelligence capabilities to stay one step ahead of the criminals intent on keeping their corrupt assets out of reach."

There will also be greater powers for law enforcement to compel businesses to hand over information related to money laundering or terrorist financing. Law enforcement agencies like the National Crime Agency will be able to seize, freeze and recover crypto assets.

Director General of the National Crime Agency Graeme Biggar said: "Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures, and are increasingly using cryptocurrencies. These reforms – long awaited and much welcomed – will help us crack down on both."

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